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BIG STORY JUNE 03, 2022 | The Indian Eye 4

QUAD & IPEF

A $50 BILLION GAME

US President Joe Biden and Indian Prime Minister join hands with Japan

and Australia to launch new initiatives for free and fair trade in the Indo-Pacific region.

Will this strategy work to contain the rising power of China?

OUR BUREAU that the foundation of resilient supply
chains must be 3Ts - Trust, Transpar-
Tokyo/New Delhi/Washington, DC
ency and Timeliness.
mid efforts by China to in- This Biden-led initiative saw the
crease its global footprint by participation of Prime Minister of
Afinancing infrastructure proj- Japan Kishida Fumio, as well as the
ects, Quad leaders on Tuesday reaf- virtual presence of leaders of other
firmed their shared commitment to partner countries viz. Australia, Bru-
deepen cooperation on infrastruc- nei, Indonesia, Republic of Korea,
ture, which is critical to driving pro- Malaysia, New Zealand, Philippines,
ductivity and prosperity in the In- Singapore, Thailand, and Vietnam.
do-Pacific region. Also, Modi participated in an
The Quad meeting was attended by event in Tokyo Monday to launch dis-
Prime Minister Narendra Modi, Aus- cussions for an Indo-Pacific Econom-
tralian Prime Minister Anthony Alba- ic Framework for Prosperity (IPEF)
nese, US President Joe Biden and Jap- during which he underlined that the
anese Prime Minister Fumio Kishida. foundation of resilient supply chains
A statement issued after the must be 3Ts - Trust, Transparency and
meeting of leaders of Australia, India, Timeliness.
Japan and the United States here said In his comments during the
that Quad will seek to extend more launch ceremony, Prime Minister said
than 50 billion USD of infrastructure that announcement of IPEF is a dec-
assistance and investment in the In- laration of a collective desire to make
do-Pacific over the next five years. the Indo-Pacific region an engine of
The Quad leaders said in the Prime Minister Narendra Modi at the Quad Leaders Summit, global economic growth. India has
statement that they share a com- in Tokyo on Tuesday. (ANI Photo/PIB) historically been at the centre of trade
mitment to addressing debt issues, flows in the Indo-Pacific region, hav-
which have been exacerbated by the long-term benefits in the fight against A White House Fact Sheet said, ing the world’s oldest commercial port
pandemic in many countries. “Quad COVID-19 and future pandemics. IPEF will enable the United States in Lothal, Gujarat, said PM Modi,
partners bring decades of skills and The leaders said they looked for- and the allies to decide on rules of the who called for finding common and
experience together to catalyse infra- ward to WHO Emergency Use List- road that ensure American workers, creative solutions to tackle economic
structure delivery to the region. We ing Procedure (EUL) for the vaccines. small businesses, and ranchers can challenges of the Indo-Pacific region.
are committed to working closely with Also at Tokyo, Joe Biden un- compete in the Indo-Pacific. India is committed to a free,
partners and the region to drive pub- veiled the discussion on Indo-Pacific “The United States and our part- open, and inclusive Indo-Pacific re-
lic and private investment to bridge Economic Framework for Prosperity ners in the region believe that much gion and believes that deepening eco-
gaps. To achieve this, Quad will seek (IPEF) on Monday with a dozen initial of our success in the coming decades nomic engagement among partners is
to extend more than 50 billion USD partners, including India, which rep- will depend on how well governments crucial for continued growth, peace,
of infrastructure assistance and in- resent 40 per cent of the world GDP. harness innovation -- especially the and prosperity. India is keen to col-
vestment in the Indo-Pacific, over the “We’ll do that by taking out some of transformations afoot in the clean en- laborate with partner countries under
next five years,” the statement said. the most acute challenges that drag ergy, digital, and technology sectors -- the IPEF and work towards advanc-
The leaders welcomed the meet- down growth and by maximising the while fortifying our economies against ing regional economic connectivity,
ing of the development finance in- potential of our strongest growth en- a range of threats, from fragile supply integration and boosting trade and
stitutions and agencies of the four gines,” said Biden at the Indo-Pacific chains to corruption to tax havens,” investment within the region.
countries in the margins of the Quad Economic Framework event in Japan. the statement said. With the launch of the process
Leaders’ Meeting. “The vision for an Indo-Pacific that Speaking at the launch of the today to establish the IPEF, partner
On COVID-19 and global health is free and open and secure as well event, Prime Minister Narendra Modi countries will begin discussions focus-
security, the Quad leaders said they as resilient, where economic growth congratulated Biden for this initia- ing on strengthening economic coop-
welcome the progress on the expan- is sustainable and inclusive. We are tive. “India will work for an inclusive eration and achieving shared goals.
sion of J&J vaccine production at the writing new rules for the 21st-century and flexible Indo-Pacific Economic At the meeting, in a veiled mes-
Biological E facility in India under the economy. We are going to have all our Framework; Trust, Transparency, and sage to China, Quad countries said
Quad Vaccine Partnership-sustain- country’s economies grow faster and Timeliness are key,” he said. they will champion adherence to
able manufacturing capacity will yield fair,” he added. The Prime Minister underlined Continued at next page... >>

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